There are a lot of things to consider when it comes to crypto PR. First, you want to ensure that you’re working with a reputable firm that understands the industry and can help you navigate the often-volatile world of cryptocurrency. Here are some dos and don’ts to keep in mind regarding crypto PR.
Cryptocurrency is becoming increasingly popular, and with that popularity comes more scrutiny. When promoting your cryptocurrency firm, you must be careful about how it goes. There are a few dos and don’ts that you should keep in mind when working with a crypto PR firm.
The world of cryptocurrency is full of opportunities and pitfalls. For savvy investors, there are many ways to make a profit. But for the uninitiated, the risks can be significant. That’s why it’s essential to partner with a crypto PR firm that understands the nuances of this complex market.
As the world of cryptocurrency and blockchain technology continues to evolve, so too must the public relations strategies of the firms that represent these companies. Here are some dos and don’ts for crypto pr agency agencies:
Here Are Some Do’s and Don’ts:
- Don’t Believe Everything Social Media Says
Social media is full of celebrities who endorse or denounce a given cryptocurrency. Don’t go with the flow. Instead, try to understand the project behind the crypto token you are interested in. Once you know its importance, invest in it. For example, you may have seen some “memetic” cryptographic tokens.
Some of them are making astronomical profits. However, these have only increased due to the hype generated by other users. This is called “inflated community-driven trading hype.” don’t fall for it. Instead, invest only if you understand the true purpose of a particular cryptocurrency and think positively about it.
There are also many self-proclaimed advisors on social media. Stay away from them. Recently, Nithin Kamath, CEO of Zerodha, India’s largest stockbroker, said people blindly follow their favorite stars backing various cryptocurrencies, non-fungible tokens (NFTs), and other similar assets.
- Don’t invest in crypto because your neighbor did
No two investors are the same. “Ideally, investments should be based on multiple factors, such as the investor’s risk appetite, expected return, and time horizon. Then, you have to consider whether it fits. Therefore, the investment approach is also different. This applies to all investments, not just cryptocurrencies.
Many investors, especially younger investors, are interested in this asset class but are ignorant of the details and are influenced by their peers.
“Cryptocurrencies are an unregulated vehicle and cannot be relied upon if something goes wrong. Therefore, investors should be aware of the pitfalls of these vehicles and do their due diligence,” said Manekia.
Just because your friend has been lucky enough to invest in cryptocurrencies and get high returns doesn’t automatically mean the same will happen to you. Do your research and invest accordingly.
- Don’t Try To Make A Quick Buck
Cryptocurrencies are highly volatile assets, and as coins are traded 24/7, their prices fluctuate quickly. Nevertheless, according to Coinbase data (December 2021) compiled by stupid.com, global crypto investors averaged up to 93% of their crypto investments instead of holding stocks for years.
I have had it for days. “Crypto assets are relatively new compared to other asset classes and carry significant volatility risk. Therefore, this is not a quick-back mechanism. Sharat Chandra, emerging technology expert, and advisor to blockchain startups.
- Beware of Suspicious ICOs
An ICO or initial coin offering is similar to an initial public offering (IPO). This is when the company creates its first batch of tokens for mass public distribution. However, unlike publicly traded companies that issue shares in an IPO, crypto companies have no proven facts or track record.
They just sell their crypto project vision to people who may or may fail. Therefore, read the white paper, if possible, before investing in an ICO.
The US Securities and Exchange Commission (SEC) issued a detailed report on ICOs in 2017. it says:“…investors should understand that there are no early-stage coin offerings registered with the SEC yet…as, with any other type of potential investment, a promoter guarantees a return. When the opportunity seems too good to be true, or you are under pressure to act quickly, exercise extreme caution and realize your investment may be lost. ”
- Understanding Your Acceptable Levels of Risk and Reward
There is no such thing as a risk-free investment. Even investing in gold, the most valuable commodity in the world, comes with its own set of risks. Crypto is no exception. Only take bold action if you understand these risks correctly and are satisfied with them.
For example, if you risk Rs 1,00,000 to earn Rs 500, this is not a recommended investment decision.
“Like any other asset, macroeconomic factors also affect cryptocurrencies. Investors should know that risk and reward go hand in hand before investing in any asset, not just cryptocurrencies. You must remember that you must do your own research” Council (BACC) by IAMAI.
All investors have different tolerances for risk and reward. Please understand yourself. Think about how much capital risk you can afford to get that return. As this is a sensitive area, we recommend you consult your financial advisor to verify your risk tolerance.
“Nowadays, when someone invests in cryptocurrencies, I see it as a speculative investment. Establishing the fundamental value of cryptocurrencies is difficult, so I am not sure if it is overpriced or undervalued. It’s hard to judge,” says Manekia.